The
EUR/USD is making downward corrections which are expected to continue towards
the correction Elliot level of $1.3345.
We
also expect that the market will witness sideways trading within a range due to
the reluctance of the most investors to trade ahead of the G20 meeting this
week in Russia
to see whether the monetary policies would weaken the desire to implement
economic reforms aiming for sustainable global growth.
The
EUR/USD prices are expected to trade between the 1.3404 and the 1.3345 levels,
and this area would represent great opportunities to make some profits, as we
recommend to enter buy positions on the short term trading at the support level
of $1.3345 , and to sell at the resistance level of 1.3404, until the certainty
of general market direction.
We
also notice that the chart above of the EUR/USD confirms the fundamental
analysis, as the prices are trading within a sideways channel in a correction
step, and we expect that the Euro would breach down this channel on the average
term trading towards the 1.33 level.
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